HomeMy WebLinkAboutAnnual Low-Mod Income Housing Asset Fund Rprt PALM DESERT HOUSING AUTHORITY
STAFF REPORT
MEETING DATE: December 14, 2017
REQUEST: RECEIVE AND FILE THE ANNUAL LOW AND MODERATE INCOME
HOUSING ASSET FUND REPORT RELATIVE TO SB341
Recommendation
Receive and file the annual Low and Moderate Income Housing Asset Fund
report relative to SB341 for the 2016-17 fiscal year.
Discussion
SB 341 provides that as the housing successor, the Palm Desert Housing Authority must
conduct and provide to its governing body, an independent financial audit and annual report
relative to the Low and Moderate Income Housing Asset Fund ("LMIHAF") within six
months, after the end of each fiscal year. Such audit may be included in the independent
financial audit of the city. The audit and annual report must also be posted on the housing
successor's website.
The attached annual report provides the information as required pursuant to SB 341. The
report has been reviewed and verified by the City's auditors, with the LMIHAF included as a
major fund in the City's Financial Report. The reviewed SB 341 annual report is now being
presented to the Housing Authority Board to receive and file.
Fiscal Analysis
Ther no impact to the
General Fund.
A '
repared by: Veronica T pia, Senior Management Analyst
LEGAL REVIEW DEPT. REVIEW FINANCIAL REVIEW CITY MANAGER
N/A
Irk j)(4.1.4/0 P ,
Robert W. Hargreaves - -t Moore Met Moore Lauri Aylaian
City Attorney Director of Finance Director of Finance Executive Director
ATTACHMENTS: SB 341 Report
AppildfridifaBY HOUSG AUTH
ON IZ'1q-0
VERIFIED BY: C-i�-1�Irly►
Original on file with City Clerk's Offin
LOW MODERATE INCOME HOUSING ASSET FUND
ANNUAL REPORT
2016-2017
1) 2016-2017 SERAF DEPOSIT(AIR) 4,108,676
4,108,676
2) 2016-2017 Deposits to LMIHAF
Interest 202,668
Rents -
ROPS Related Deposits 5,520,957 **
Loan Payoff's/Hovley Payment 102,216
Sales Proceeds -
Total Deposits to LMIHAF 5,825,842
Less: Amounts Deposited Pursuant to ROPS (5,520,957) **
Total Effective Deposits to LMIHAF 304,885
3) 2016-2017 LMIHAF Balance
LMIHAF Cash Balance @ June 30, 2017 26,292,196
Less:Amounts Deposited for ROPS CY 5,250,957 **
Less:Amounts Deposited for ROPS PY 9,738,355
Total Available Cash Balance 11,302,884
4) 2016-2017 LMIHAF Expenditures by Category
a) Monitor/Preserve
Affordability Covenants 1,800.00
b) Administrative Expenditures 16,342.74
c)
Homeless Prevention -
d) Development of
Affordable Housing
30% -
50% -
80% 34,500.00
100% 63,000.00
120% -
97,500.00
2016-17 Expenditures Related to Bonds 1,094,1 10.20
Total Expenditures 1,209,752.94
5) Administrative Costs - Annual Cap Calculation
71,359,909 Statutory Value of Real Property (Asset List and 2014)
15,046,487 Statutory Value of Loans/Grants Receivable (Asset List thru 2014)
Plus: Real Property Purchased
97,500 Plus: New Loans Receivable
Less: Real Property Sales
(97,850) Less: Loan Payoff's
86,406,046 Total Combined Value
0.02 2%Max
1,728,121 Max Annual Administrative Cost
6) Transfers Made to Other Housing Successors
N/A
I1/28/2017
4.39 PM 341 Annual Report 2016-1 7 8-31 1 7
7) Property Tax Revenue Held for ROPS Related Projects
$9,157,393 has been deposited from ROPS to be used for improvements related to requirements of Stipulated
Judgment No. 51124. $5,520,957 has been deposited pursuant to BPFA for ROPS Approved bond related
expenditures.
8) a) Status of Vacant Property Acquired Prior to February 1, 2012
Vacant properties included on the Housing Asset List approved 8/13/12 by the DOF include:
Las Serenas (currently in a long-term lease with Allied), and Sagecrest.
b)Status of Vacant Property Acquired After February 1, 2012
N/A
9) Oustanding Obligations Related to Replacement/Inclusionsary/Production Requirements
N/A
10) Compliance with Extremely Low Income Targeting
N/A
11) Breakdown of Deed Restricted Rental Units
384 Senior Housing 28%
1,007 Multi Family Housing 72%
1,391 All Affordable Housing 100%
12) Excess Surplus Calculation
2012-2013 -
2013-2014 (70,752)
2014-2015 (864,781)
2015-2016 62,542
2016-2017 (904,868.30) "
2017-2018 n/a
(1,777,860)
Base Limit 1,000,000
Greater Amount 1,000,000
Computed Excess Surplus- July 1,2015 1,000,000
13) Breakdown of Deed Restricted Homeowner Units
Senior Housing 0%
299 Multi Family Housing 100%
299 All Affordable Housing 100%
•$1,094,110.20 is a bond related expenditure for deferred maint,but does preserve the current affordable housing stock
"Tranfer of SARDA bond funds restricted for affordable housing projects.
i 1/28/2017
4.39 PM 341 Annual Report 20 6-I 7 8-31-17